Taylor Wimpey – Falling channel intact

UK’s FTSE 100 index was boosted today by house builder Taylor Wimpey which said trading had been "strong" in the second half of the year.

Technicals – Falling channel on the daily

The share is trading around 150p. Prices need to close above the falling channel hurdle, which would signal continuation of the rally from the post Brexit low. On the higher side, resistance is seen at 160.02 ( Oct 4 high) – 160.67 (50% Fibo of May high – June low).

Given the 50-DMA and 100-DMA are sloping lower; the odds of a bullish break from the falling channel are low.